Question

VTR Corporation's accounting information system recently reported the following information: Cost of goods sold, $1,500. Inventory, $15,000. Unearned service fees, $3,000. Service fees earned, $8,000. Which element of financial statements is not included in the preceding data?

Answer 1

The element of financial statements not included in the data is Retained Earnings.

Step-by-step explanation:

The element of financial statements that is not included in the provided data is Retained Earnings.

Retained Earnings represents the accumulated profits or losses of a company that have not been distributed to shareholders as dividends. It is not mentioned in the given information, so we cannot determine the Retained Earnings amount.